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Expert Says Ethereum Ascending Price Channel Could Push ETH to $6K-$10K

Mark Brennan
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Expert Says Ethereum Ascending Price Channel Could Push ETH to $6K-$10K

With Ethereum surging past $3,600, analyst Ali Martinez targets a mid-term price of $6,000 and a long-term goal of $10,000 as bullish trend builds.

As the second-largest crypto by market capitalization, Ethereum has recently broken through several key resistance levels, sparking heightened interest among investors and traders.

The crypto surpassed resistance at $3,350 and $3,400, followed by a rally above $3,500. This price movement sent ETH to a multi-month peak of $3,688 before a minor retracement to around $3,605.

Ethereum Upward Trajectory within an Ascending Channel

In todays, Ethereum price news, Technical analysis from Ali Martinez highlights that Ethereum’s price action is currently moving within an ascending channel on the weekly chart. ETH is presently trading near the midline of this channel, which is often seen as a critical level for either support or resistance.

Martinez has set a mid-term target of $6,000 within this channel, with the potential for ETH to reach $10,000 in the long term.

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Before Ethereum’s recent surge, Martinez had highlighted that the risk-to-reward ratio for entering the Ethereum market was too attractive to ignore. At the time, he projected a target of $6,000 for the cryptocurrency but recommended a stop-loss near $1,880 in case of a bearish outcome.

Other Ambitious Outlooks for Ethereum

Other analysts also see significant potential for Ethereum. Ash Crypto, a prominent analyst, predicts Ethereum could climb to $10,000-$15,000 based on historical trends. According to Ash Crypto, Ethereum’s strongest price action typically occurs between January and April following halving years, making December an ideal time for accumulation.

He noted that market patterns show money often flows from Bitcoin to Ethereum, followed by large-cap and smaller altcoins.

Another projection from the pseudonymous analyst “Venture Founder” highlights the $3,800 level as a key threshold for Ethereum.

Once surpassed, Ethereum could reach $5,300, completing a two-year cup-and-handle pattern. The subsequent target for this pattern is $6,500, with the potential for ETH to overshoot to $7,300 by January 2025.

Large Holder Activity Boosts Ethereum’s Bullish Momentum

In addition to these price predictions, large Ethereum holders are continuing to accumulate, strengthening the bullish sentiment surrounding the cryptocurrency. Data reveals consistent inflows from major players over the past 7, 30, and 90 days, with increases of +14.63%, +44.80%, and +126.85%, respectively.

Ethereum Large Holders Inflow / IntoTheBlock
Ethereum Large Holders Inflow / IntoTheBlock

This persistent accumulation reduces circulating supply, creating scarcity in the market. Historically, such buying behavior has preceded major price rallies.

Paul Atkins Now Favorite for SEC Chair After Interview with Trump Team

Elendu Benedict
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Paul Atkins Now Favorite for SEC Chair After Interview with Trump Team

A report shows that the former Republican SEC Commissioner Paul Atkins has emerged as the clear favorite to replace outgoing chair Gary Gensler.

Media outlet Bloomberg has reported that Paul Atkins is the top candidate for the SEC chair. A Wednesday report, citing people familiar with the matter, indicated that the Trump transition team has interviewed Atkins for the role.

Trump Team Taps Atkins to Head the SEC

Atkins, among other names, emerged as a candidate to replace the departing Gary Gensler. The chair announced he would resign on January 20, 2025, following Trump’s threat to fire him.

People familiar with the matter mentioned that the Trump team is considering other candidates, such as Mark Uyeda, Heath Tarbert, and Teresa Goody Gullien. However, the Patomak Global Partner founder became a clear favorite after his interview.

Atkins is widely known for his staunch advocacy for cryptocurrencies. He once defended the industry against incessant regulatory enforcement before Congress. Before establishing his consulting firm, the veteran served as an SEC commissioner under former President George W. Bush.

Notably, Atkin’s portfolio matches Trump’s ideal SEC chair candidate. The president-elect intends to fill the role with an innovative-friendly candidate who would regulate the crypto industry fairly.

Meanwhile, Fox Business reporter Eleanor Terrett also confirmed Bloomberg’s report. In a tweet, the journalist cited people familiar with the matter, suggesting that Atkins is leading the race to become SEC chair.

Trump Team Close to Conclusion

Furthermore, the unidentified source mentioned that the Trump team is close to choosing the next SEC boss. They disclosed that the transition team would pick Gensler’s replacement in a few days.

However, they mentioned that no candidate has been confirmed yet. They said this would not go on for long as the decision inches closer.

Meanwhile, the Trump team spokesperson, Karoline Leavitt, stated that the President-elect would announce the remaining roles in the incoming administration imminently. He emphasized the “lightning-paced” decision-making so far and expects Trump to round up pickings in the coming days.

Notably, Trump has wasted no time in filling his cabinet. Having tapped Elon Musk, Robert F. Kennedy, and a host of other pro-crypto candidates, Trump has now set his sights on filing federal agency roles.

Here’s Why The Altcoin Season Has Been Delayed, According to Experts

Albert Brown
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Here’s Why The Altcoin Season Has Been Delayed, According to Experts

Altcoins show mixed performance as Bitcoin rallies, but analysts link the delay of altcoin season to BTC dominance and the influence of institutional capital.

In recent times, altcoins have experienced mixed price movements that largely contrasted with Bitcoin’s steady rally. For context, Bitcoin has surged by over 61% in the past three months, significantly outperforming many altcoins, some of which have gained less than 30% during the same period.

Specifically, assets like Tron (TRX) and Toncoin lagged behind Bitcoin’s performance, with TRX rising only 25% and Toncoin gaining just 15% in their 90-day trajectory.

However, certain altcoins have posted impressive rallies. Stellar (XLM) has increased 420% in the last three months, and Cardano (ADA) gained 142% during the same timeframe. This mixed performance among altcoins has sparked concerns among market participants.

Bitcoin Role in Altcoin Season

Notably, the delay in the anticipated altcoin season is attributed to changing dynamics in Bitcoin’s market participation. Ki Young Ju, CEO of CryptoQuant, highlighted a shift in the type of capital flowing into Bitcoin compared to previous market cycles. 

Institutional investors and spot exchange-traded funds (ETFs) now dominate Bitcoin demand, deviating from the retail-driven capital flows of earlier bull runs.

Unlike crypto exchange users, these institutional entities rarely rotate their Bitcoin holdings into altcoins, impacting market liquidity.

 

Furthermore, Ju emphasized that altcoin market capitalization remains below its all-time high. He noted that a significant influx of fresh capital to crypto exchanges is essential for altcoins to achieve broader market growth. 

The CEO added that future Bitcoin growth would likely depend on institutional participation, ETFs, and potentially governments, leaving retail-driven altcoin adoption reliant on independent strategies to attract fresh investment.

BTC.D Drop Could Trigger Altcoin Season

Market analysts have been scrutinizing historical patterns to predict the onset of altcoin season. TechDev, a crypto analyst, shared insights on Bitcoin dominance, focusing on its relationship with altcoin market performance. 

According to his analysis, capital typically rotates into altcoins when Bitcoin’s dominance reaches a certain threshold—often measured by the 200-week simple moving average (SMA). Historically, this rotation occurred every four years, often leading to periods of macro decline in Bitcoin’s dominance.

Another prominent analyst, Rekt Capital, also has similar views on Bitcoin’s dominance. He pointed out that a recent retracement in Bitcoin’s dominance to 57.68% created an opportunity for altcoin growth.

If dominance continues to decline, marked by significant technical indicators, further opportunities for altcoin breakouts may arise. However, Rekt Capital also projected that Bitcoin would likely regain dominance following any major altcoin rally.

Coinbase CEO Shares Four Key Indicators Confirming the ‘Internet of Money’ Vision is Taking Shape

Abdulkarim Abdulwahab
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Coinbase CEO Shares Four Key Indicators Confirming the ‘Internet of Money’ Vision is Taking Shape

Coinbase CEO Brian Armstrong recently expressed admiration for how the vision of the Internet of Money, championed by crypto and blockchain, is already taking shape.

In a recent tweet, Armstrong highlighted that key technological innovations are converging to create an accessible, scalable, and user-friendly decentralized financial system. He pointed out four critical components, which he calls “Lego pieces,” that are helping to bring this vision to life.

Lego Pieces Assembling for the Internet of Money

Leading the pack, Armstrong pointed to Base, Coinbase’s Layer 2 blockchain solution. He noted that Base is a crucial piece in enabling blockchain networks to scale.

As a Layer 2 chain, the network is designed to handle high transaction volumes with lower fees, making decentralized applications (dApps) faster, more efficient, and more cost-effective. This helps address a key challenge facing blockchain adoption today.

Secondly, Armstrong cited the Ethereum Name Service (ENS), which provides crypto users with a decentralized, human-readable identity on the blockchain. ENS allows individuals to replace complex wallet addresses with simple names like “yourname.eth.” A classic case is vitalik.eth.

Thirdly, Armstrong highlighted stablecoins as another critical element in the Internet of Money vision, stressing their role as a reliable medium of exchange.

Unlike volatile crypto assets like Bitcoin or XRP, stablecoins provide the stability necessary for day-to-day transactions, making them more practical for everyday use.

Finally, Armstrong mentioned Smart Wallets as a key to lowering the barriers to entry for newcomers in the crypto world. These wallets go beyond simple asset storage, incorporating features such as key recovery and support for decentralized applications.

This functionality makes navigating the space easier for the average crypto user without the complexities of traditional wallets.

By combining these technologies, Armstrong believes that the “Lego pieces” are falling into place for a fully decentralized financial system that brings broader consumer utility to blockchain technology.

Commentaries from Industry Participants

Reacting to Armstrong’s tweet, other crypto leaders their thoughts on additional factors they believe are crucial in shaping the future of the Internet of Value.

Cory Klippsten, CEO of Swan Bitcoin, and Pierre Rochard, VP at Riot Platforms, both emphasized the importance of Bitcoin in this vision. Klippsten calls BTC the “Internet of Money” due to its role as a superior store of value against fiat currencies.

Meanwhile, Cardano Whale argued that Cardano serves as a decentralized global financial operating system.

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Zach Rynes, Community Liaison at Chainlink, remarked that Chainlink plays an important role in connecting traditional financial institutions with blockchain networks. 

Interestingly, some also point to the role of meme coins, claiming they are crucial in onboarding the masses into the crypto ecosystem.

Expert Says Suppression Tactics Against XRP are Fading

Lele Jima
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Expert Says Suppression Tactics Against XRP are Fading

Famous crypto enthusiast Max Avery comments on the transformative shift in the crypto industry, highlighting how suppression tactics against XRP are fading. 

In a lengthy X thread, Avery claimed SEC Chair Gary Gensler’s actions against crypto aimed to delay the industry’s progress, not halting it. This is reflected in the numerous enforcement and regulatory actions against crypto businesses under Gensler’s leadership. 

He suggested that Gensler’s actions bought some time for traditional financial institutions to prepare and position themselves in the market.

Ripple Verdict Destroyed Suppression Tactics Against XRP  

Furthermore, Avery identified XRP as a disruptor in cross-border payment, portraying the asset as a threat to traditional financial systems. This made XRP a target of suppression, with the expert framing the Ripple lawsuit as a strategy to hinder its growth. 

Interestingly, he mentioned the Ripple verdict, where the company secured a partial victory against the SEC. According to him, the victory helped to change the tide for XRP, ultimately destroying the suppression tactic against the token.

In addition, Avery mentioned Ripple’s focus on real-world utility, like cross-border settlement, as another factor keeping XRP afloat despite opposition pressure. 

Expert Praises XRP Resilience 

He indicated that XRP is positioned as a central player in the financial system’s evolution. Notably, he heaped more praises on XRP, describing the asset’s resilience in legal battles as remarkable. Per Avery, XRP is not just a token but a bridge to a new financial system. 

With suppression gradually fading, the expert noted that investors who stuck to XRP during tough times are in perfect positions to benefit from the transformative shift, emphasizing that the next chapter of the crypto movement will focus on breaking barriers. 

Amid the fading suppression, the pundit expects crypto innovation to surge, opening new opportunities for investors who persevered during uncertainty.

Investors Bullish on Crypto Potential Under Trump 

Meanwhile, proponents have remained bullish on crypto potential under the forthcoming Donald Trump administration. Since Trump’s victory earlier this month, his transition team has nominated several pro-crypto individuals to fill top positions, like the Treasury and Health Secretaries. 

The industry is now focused on who would replace the outgoing SEC Chair Gary Gensler. While it remains unclear who Trump intends to nominate for this position, several pro-crypto candidates are currently being considered for this role. 

Leading American magazine WIRED reported recently that the transition team is engaging with top industry stakeholders to select a pro-crypto SEC chair. 

With Gensler expected to leave the SEC on January 20 and the potential nomination of a pro-crypto chairperson, the Ripple lawsuit, which is currently in appeal, could become a thing of the past. Notably, former CFTC Chairman Chris Giancarlo predicted that the SEC would drop the lawsuit when Trump is inaugurated. 

This speculation has resulted in a massive rally for XRP, with the token hitting a two-year high of $1.62 earlier this month. Currently, XRP is trading at $1.47, up 33.83% in the past seven days and 3.69% in the last 24 hours. 

Shiba Inu Dev Reacts as Shibarium Looks to Integrate Chainlink’s CCIP for Chain Interoperability

Sam Wisdom Raphael
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Shiba Inu Dev Reacts as Shibarium Looks to Integrate Chainlink’s CCIP for Chain Interoperability

Shiba Inu developer Dhairya reacts to a disclosure suggesting the potential integration of Chainlink’s CCIP for Shibarium, the ecosystem’s layer-2 network.

Shibarium, the layer-2 blockchain network for the Shiba Inu ecosystem, is on the verge of integrating Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a move that could improve its interoperability. 

This development came to light when The Bus, a prominent Shiba Inu community figure, analyzed code details involving the integration. He shared screenshots of the codebase highlighting details of Shibarium’s possible integration with CCIP.

The screenshots show a “PriceRegistry” smart contract, which facilitates the conversion of token amounts across blockchain networks. Notably, the contract uses Chainlink’s technology to validate token prices and ensure accurate cross-chain token transfers.

With the integration not yet officially announced by the Shibarium team, The Bus’ disclosure triggered a reaction from Shiba Inu developer Kaal Dhairya, who acknowledged the pundit’s knack for uncovering major updates around Shibarium and the broader ecosystem.

What is Chainlink’s CCIP?

For the uninitiated, Chainlink’s CCIP is a protocol that allows seamless interoperability between different blockchain networks. It enables dApps and smart contracts to transfer tokens and data securely across multiple blockchains without the need for a bridge.

CCIP uses Chainlink’s decentralized oracle network to ensure reliable, tamper-proof communication and reduce risks associated with single points of failure. The protocol is particularly useful for cross-chain lending, liquidity optimization, and building dApps that utilize multiple blockchains.

How CCIP Enhances Shibarium

Integrating Chainlink’s CCIP will allow Shibarium to broaden its ecosystem and bolster interoperability by connecting with other blockchains. Currently, asset transfers involving Shibarium and other networks rely on bridges.

Notably, in the network’s early days, moving assets with Ethereum, its underlying layer-1 network, had a duration of 7 days. Interestingly, the Shibarium team reduced this duration to 45 minutes in May. Despite this, asset transfers still demand some substantial wait time. 

The integration of CCIP can improve user experiences by allowing Shibarium-based assets to interact with different chains, increasing liquidity. For instance, network participants could use tokens native to Shibarium in applications or operations on chains like Ethereum, Polygon, or Avalanche. 

Without official confirmation and details, the extent to which CCIP could help bolster Shibarium’s interoperability remains unclear at press time.

The development syncs with Shibarium’s goal to expand utility within the DeFi space and bolster adoption. Adopting this cross-chain protocol could attract developers seeking interoperable solutions.

Despite boasting 4.68 million daily transactions at press time, the Shibarium team is actively looking to improve adoption. In a commentary last week, Shiba Inu lead Shytoshi Kusama stressed that mass adoption could help attract major centralized exchanges to Shibarium.

Notably, the latest disclosure follows several milestones clinched by Shibarium in recent times. Remarkably, the network hit an impressive 500 million transactions milestone on Nov. 16, fifteen months after launch. Two days ago, Shibarium’s TVL also reached a new peak of $8.7 million.

Vancouver Mayor Pushes Bitcoin Adoption With New Crypto-Friendly Bill

Elendu Benedict
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Vancouver Mayor Pushes Bitcoin Adoption With New Crypto-Friendly Bill

The Canadian city of Vancouver might be the next to adopt Bitcoin after a mayor announced plans to submit a bill favoring the flagship cryptocurrency.

With Donald Trump’s Bitcoin bet steering global attention, the adoption of the premier asset seems to be going mainstream. Public firms and state funds appear to be tilting toward the asset, teased to hedge against inflation and economic hassles.

Meanwhile, Canada’s Vancouver could become the next city to stack shares of the limitedly-capped cryptocurrency. A report shows that a bill favoring Bitcoin adoption has made its way into the recent city council meeting.

Vancouver to Consider Bitcoin Adoption

Notable Bitcoin advocate and Vancouver’s mayor, Ken Sim, introduced a motion of notice on November 27. The motion, which Sim will present by December 11, contained a bill favoring Bitcoin adoption.

Sim titled the bill “Preservation of the City’s Purchasing Power through Diversification of Financial Resources: Becoming a Bitcoin-Friendly City.” Notably, the mayor stated that the bill aims to allow Vancouver to diversify its abundant resources into innovations like Bitcoin.

if the bill gains council approval, the third-largest Canadian city by population would be able to buy Bitcoin. Meanwhile, it is unclear if May Sim intends to front a Bitcoin strategic reserve with the bill, as seen in other regions.

Bitcoin Nears Mainstream Adoption

Notably, the pioneering cryptocurrency has recently become one of the most sought-after asset classes. For context, state funds, public entities, and even countries are teasing the creation of a Bitcoin reserve, mirroring the trend in the United States.

Besides MicroStrategy’s insatiable piling of Bitcoin through several debt vehicles, YouTube’s competitor, Rumble, became the latest to adopt the asset as a treasury reserve. The video-sharing platform pledged to acquire $20 million worth of Bitcoin as part of its broader plan to hedge its reserve with the crypto firstborn.

States like Florida are also considering aping a portion of their pension funds into the asset, while Pennsylvania has moved to create a strategic Bitcoin reserve. Furthermore, Detroit would become the largest US city to accept Bitcoin as a means of payment by next year.

On the national level, Brazilian lawmakers are considering adopting Bitcoin as a strategic reserve asset after the bill came to light. Although deeply poised to create a CBDC, the South American country is weighing storing Bitcoin as collateral for its pilot program.

US Congressman Says Gary Gensler Set the American Dream 20 Years Backwards with Poor Crypto Regulation

Mark Brennan
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US Congressman Says Gary Gensler Set the American Dream 20 Years Backwards with Poor Crypto Regulation

Congressman Michael John Flood has insisted that America is not where it aims to be in the crypto space owing to Gary Gensler’s poor handling of the sector.

Gary Gensler, the incumbent SEC chair, announced earlier last week that he would resign on January 20, 2025. This development followed the emergence of Republican candidate Donald Trump as the next US president.

With Trump’s inauguration date drawing closer, Nebraska’s Representative Michael John Flood believes Gensler’s underwhelming tenure has severely impacted the American dream. He insisted that the SEC boss has taken the US two decades backward.

Flood Bemoans Gensler’s Crypto Tyranny

Speaking on the Fox Business Mornings With Maria show, Flood argued that Gensler and Joe Biden’s administration set America backward. Remarkably, the Nebraska Representative stressed that the regime derailed the US’ stake in the digital asset economy.

Flood bemoaned Gensler’s regulation-by-enforcement approach to cryptocurrencies. He stated that there were no set laws governing the emerging sector, yet the SEC imposed sanctions on digital asset firms and was “shutting down the markets.”

As a result of these deeds, Flood believes America is 20 years behind in crypto innovation, allowing countries like China to control the industry. However, the Congressman noted that Trump’s win would undo Gensler’s wrong.

Trump’s Win, The Much-Needed Change

Meanwhile, Flood believes Trump’s administration would move America forward on the digital asset front. He insisted that the pro-Bitcoin President-elect would usher in a new era for cryptocurrency and fintech in the US.

Notably, Trump seems to have already taken the initiative. The 47th US President has embraced cryptocurrencies and has teased a friendlier environment for the nascent sector.

Trump’s commitment to the sector has been glaring in his cabinet choices. He has appointed pro-crypto personalities like Elon Musk, Robert F. Kennedy, and Howard Lutinick to fill critical roles in his administration.

Experts Say Buying XRP Now is Still Cheap, as XRP was Chosen Long Ago

Abdulkarim Abdulwahab
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Experts Say Buying XRP Now is Still Cheap, as XRP was Chosen Long Ago

As XRP holds above the $1 psychological level despite several pullbacks, several analysts believe the asset remains undervalued.

Today, XRP surged by 8%, currently trading at $1.43 at press time, as it recovers from a significant correction on Tuesday. Amid the recent attempt at a breakout rally, market commentators like “Pharaoh,” a notable analyst, urge enthusiasts not to fade the momentum.

Buying XRP Now Is Still Cheap

In a recent disclosure, Pharaoh argued that buying XRP in the $1.40 range is still a bargain. He stated that crypto market participants will realize it when they examine the potential of XRP and how high its price could go.

He stressed that every $100 that investors commit to XRP today will appreciate to a greater value later. Accordingly, Pharaoh urged investors to zoom out and look at history and ongoing development. 

Analyzing Historical Performance of XRP Investments

Notably, when examining XRP on the yearly timeframe, those who invested in XRP in November 2023 have seen over a 134% return on investment (ROI). Most of these gains occurred in November 2024.

However, investors are at a loss in a three-year window, as XRP is trading below its peak valuation from 2021. Moreover, investors who bought XRP seven years ago currently witness a 62% loss from their original capital, as the asset remains far from its all-time high.

Meanwhile, on a ten-year scale, those who bought XRP during its all-time low now see a +51,003% return. 

While XRP’s underperformance in recent years has affected many investors’ portfolios, analysts believe the narrative is already shifting. They believe an XRP investment today will likely prove to be more valuable in the future in hindsight.

The optimism stems from recent improvements in XRP’s regulatory environment, technological advancements in the XRP ecosystem, and growing adoption.

XRP Was Chosen Long Ago

In a recent commentary, Vandell Aljarrah, co-founder of Black Swan Capitalist, remarked that he and others have discussed the potential of XRP and XLM for years. He finds it fascinating that big names and well-known commentators are just now acknowledging this potential.

As Aljarrah put it, “It’s funny how perspectives evolve.” He went on to boldly assert that XRP and its rival Stellar (XLM) “were chosen long ago,” seeing them as promising assets for the future of finance.

In response to this perspective, community member Spencer commented that he wonders if everyone would be so positive about XRP and XLM if they weren’t performing well. He noted many holders would be criticizing their XRP and XLM investments if otherwise, as both have a history of underperformance.

SEC Acknowledges NYSE Arca Filing to Convert Bitwise Multi-Coin Fund Featuring XRP to an ETP

Mark Brennan
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SEC Acknowledges NYSE Arca Filing to Convert Bitwise Multi-Coin Fund Featuring XRP to an ETP

The U.S. SEC acknowledges the NYSE Arca 19b-4 filing to list and trade shares of the Bitwise 10 Crypto Fund, which contains multiple assets like XRP, as an ETP. 

In this latest XRP news update, The SEC issued the notice yesterday, acknowledging the NYSE Arca 19b-4 filing. According to the notice, the exchange submitted the filing under its proposed Rule 8.800-E.

Notably, the rationale behind the SEC’s notice is to solicit comments from the public regarding NYSE Arca’s request to list and trade shares of BITW as an ETP. 

Recall that NYSE Arca officially submitted the 19b-4 filing on November 14. At the time, Bitwise confirmed that the move aligned with efforts to convert BITW, labeled the largest index fund, to an ETP structure.

Interestingly, the SEC’s notice activates the countdown for potential approval, which could convert BITW from a publicly traded fund to an ETP.

BITW Details  

Launched in 2017, the Bitwise 10 Crypto Fund tracks the performance of the top 10 cryptocurrencies by market cap. The assets contained in the fund are weighted based on their market capitalization.

As of November 27, these assets and their weightings are Bitcoin (72.2%), Ethereum (16.6%), Solana (4.3%), XRP (3.2%), Cardano (1.4%), Avalanche (0.7%), Polkadot (0.4%), Chainlink (0.4%), Bitcoin Cash (0.4%), and Uniswap (0.4%). 

It is worth mentioning that Bitwise rebalances the index monthly to align with current market conditions. This process is usually conducted on the last business day of every month at 4:00 p.m. (ET). BITW currently trades at $60.80 per share, with an AUM of $1.427 billion. 

Growing Institutional Interest in XRP 

The development underscores growing institutional interest in crypto assets, especially XRP. Since October, several companies have sought the U.S. SEC’s blessing to launch investment products tied to XRP.

Last month, Bitwise filed with the SEC to launch an XRP exchange-traded fund (ETF) in the United States. Other companies, such as Canary Capital and 21Shares, followed suit, seeking to launch ETFs tied to the sixth-biggest cryptocurrency by market cap. 

On October 15, NYSE Arca applied to the SEC to list and trade Grayscale Digital Large Cap Fund (GDLC), featuring XRP and four other crypto assets, as an ETF.

Like the BITW filing, the SEC also issued a notice acknowledging the application to convert GDLC to an ETF. However, the commission has not acknowledged the other filings that are exclusively focused on XRP.

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